What You Need to Know About Blockchain in 2019

What You Need to Know About Blockchain in 2019

Bill Gates, Co-Founder of Microsoft once termed Bitcoin as “the technological tour de force”. This was meant to indicate the importance of blockchain in the world. To prove this, developers in this field have been relentless to popularize the digital currency.

As it stands, blockchain technology has been used in Bitcoin, Litecoin, and Dash among others. In 2019, you should be expectant of major innovations and improvements with the blockchain.

Here is what you should look forward to in the forthcoming year.

Focus on Privacy

One of the issues that surround blockchain technology is the vulnerability of the data shared. In 2018, there have been concerns regarding the privacy of the digital currency. Essentially, the Open blockchain can easily lead you to trouble with the government.

It should be stated that information of the transactions can be easily traced by unauthorized parties. Come 2019, developers in this industry will be looking forward to strengthening the privacy policy on this technology.

When privacy is enhanced, it will be anticipated that only the legal businesses will have access to your details. However, you should make a point to read through the terms and conditions when it comes to privacy.

Uprising Digital Assets

As Blockchain makes its way to the mainstream market, there have been issues relating to the digital asset. In 2019, financial institutions will be at the forefront of incorporating this technology as a form of asset. This move is in tandem with the search for a viable alternative asset.

So far, digital assets have found their way in the real estate market. Remember, small investors were previously limited to the real estate market. Nonetheless, the story is bound to change as the tokenization will help more people access these assets.

Breakthrough of Security Tokens

Let’s get fact right, utility tokens have had a poor performance in 2018. This has been attributed to the reluctance of investors to spend cash in this field. Well, things are bound to change especially with the introduction of security tokens in Blockchain technology.

Plans are already underway to have the security tokens featured on the stock exchange market. The beauty of this move is that investors will be able to establish blockchain projects with no hassle. You should note that the Initial Coin Offerings (ICOs) are bound to make tokenization possible.

Furthermore, the market infrastructure is expected to be laid down to support the security tokens. It should be made clear that the success of the tokens goes hand in hand with the popularity of digital assets. Come 2019, it will be interesting to see how the tokens will fare in the lucrative market.

Digital Identity

Blockchain, as part of the cryptocurrency, has been on the receiving end of negative criticism. Part of this is attributed to the rampant cases of hacking of users’ information. That is why there are trust issues that surround the existence and use of Blockchain technology.

To curb these issues, major players in this field will be looking forward to coming up with digital identity for the digital currency. For instance, Microsoft is anticipated to roll out the technology via the Digital Identity Foundation.

Despite the opposition facing this move, there is no doubt that digital identity will take center stage in this field. You should thus be critical to look at the key players that will adopt this measure in the coming years.

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Expect Decentralized Ecosystem Channels

The exponential growth of the blockchain technology has been linked to the decentralization factor. In 2019, developers will be looking forward to establishing vast decentralized ecosystem platforms. This move will be geared toward promoting efficient peer-to-peer transactions.

One of the main goals of this technology is to foster interlinks between various stakeholders in this field. For this reason, developers will be making use of the shared APIs to achieve this goal. Additionally, it is planned that new business models will be developed during this period.

In 2018, there has been some attempt to roll out these platforms. However, there have been shortcomings that have derailed the process. The good thing about this is that developers have had the chance to learn about the areas to improve in the coming year.

Outreach to More People and Levels

When Blockchain technology was been launched, major transactions were on a macro level. This meant that only big firms and major investors could conduct the transactions. With the dissemination of this information trickled down, more people became interested in the currency.

In 2019, tech-savvy will be looking forward to expanding the scale of these transactions. Currently, there is the Lightning Network under Bitcoin that is making this possible. Here, users get the chance to make small payments to each other with less hassle.

Cut-throat Competition

Apart from the major developments that will occur on the blockchain, a lot is expected to happen in the market. For instance, you will see major blockchain companies making moves to attract more users. Moreover, there will be newcomers that will be eyeing to make a statement in this field.

In 2018, companies such as Patron and TraDove have made significant profits from the blockchain investment. These entities have made headlines when it comes to the launch of B2B tokens and other market infrastructure.

According to Transparency Research Market, the blockchain market will hit the $20 Billion mark by 2024. For this reason, companies will be looking forward to having a piece of this pie.

Summary

Truth be said, 2018 has been a year of crypto-hype. A lot has been said about the digital currency and sensitization. As for 2019, you should look forward to serious headlines especially when it comes to management and investment. This entails the issue of security tokens and stringent regulations. It is up to you to be on the lookout for these emerging trends as they happen.

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